"The problem was we lost 4 million jobs before I was sworn in," Obama said.

That's true. From December 2007 to January 2009, while President Bush was in office, the nation lost a total of 4.3 million jobs, more than half of the nearly 8 million jobs that have disappeared since the recession began.

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"Most of the jobs we lost were lost before the economic policies we put into place had any effect," Obama added.

That, again, is true, but with a catch. More than half of 7.6 million jobs lost disappeared before Obama was in office, and monthly job losses did begin to decline markedly last April.

"The Recovery Act took a lot of time to get into place, and the biggest criticism is that the spending has been inefficient and slow," said conservative economist Doug Holtz-Eaken in a Washington Post video. "So it's not the Recovery Act that's causing this."

Fact Check: Can Republicans Blame Obama for Job Losses?

On the Republican side, candidates have been quick to blame the president for the job losses, driving the message home in debates and on television ads with accusations that the Democrats are "killing" jobs.

Looking at just this year, that would be false. While unemployment remains stuck at around 9.5 percent, the economy has added more than 600,000 jobs through September.